Wednesday, October 19, 2011

How long must I hold a job for in order to qualify for a Mortgage?


Mission Viejo California said:
I want to buy a home and get a mortgage and was wondering generally how long does someone have to have a job for? I want to wait at least a year and a half, do you think this is viable? Any other tips on getting a mortgage sooner?
I'm interested in getting an FHA loan, are there different requirements?
Franklin Advantage:
Two years if employed, three years if self employed. I can't think of any other way of getting a home sooner unless 1) you can put down a sizable down payment or 2) your parents are willing to cosign on a mortgage with you — which I definitely wouldn't recommend.
FHA requires a 2 year history of employment but there are exceptions.
1.) If you just graduated from a university or trade school and have found work in your in your chosen profession.
2.) If you have had history of part time employment and you recently went to full time employment (for example: a substitute teacher that gets a full time position)
You only need to be self employed for two years but to approve your loan the underwriter will want to see your self-employed income reflected on your most recent two years tax returns.

http://www.f-advantage.com/fha.php

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